• Lifezone gets $60M loan for Kabanga nickel project

• Funds support early construction, FID expected mid-2026

• Project lifespan: 902,000 tons nickel over 18 years

Taurus Mining Finance has extended a $60 million loan to Lifezone Metals to fund initial construction at the Kabanga nickel project in Tanzania, the U.S. mining company announced in a note published Monday, August 11.

The capital is intended to support various development phases leading up to the final investment decision (FID), which is anticipated in mid-2026. The funds are earmarked for developing the future mine's basic infrastructure, which typically includes the construction of access roads and housing for personnel. While the specific scope of the work was not disclosed, this initial phase is critical for the project's progression.

Securing this financing is a key step for Lifezone as it advances the Kabanga project despite a prolonged downturn in the nickel market. The company has adjusted its development plan to cope with weak prices, in part by cutting initial capital expenditure for the project by 5% to $942 million. This revised budget is intended to support the development of a mining complex capable of producing a total of 902,000 tons of nickel over an 18-year lifespan.

In addition to starting initial construction, Lifezone plans to continue raising the necessary investment over the coming months. The company must also finalize the remaining regulatory steps, including securing the required mining permits from Tanzanian authorities.

Aurel Sèdjro Houenou